MTN To Limit Foreign Participation In IPO To 5%

Telecom giant MTN has revealed it will limit foreign participation in its initial Public offer to five percent.

The firm on Tuesday, May 28 launched its Initial Public Offer in a bid to cede 35 percent of its shares to Ghanaians as part of requirement by the NCA.

MTN is offering over 4 billion cedis worth of shares at 75 pesewas each.

The launch forms part of MTN’s 4G LTE license requirement in which the company had to sell 35% of its shares to Ghanaians by June 2018.

In November 2015, MTN Ghana successfully bid for the License from the National CA which took effect from 21 June 2016 and is valid for a renewable period of 15 years.

The License which allows MTN Ghana to offer 4G LTE mobile internet services to its customers holds extensive benefits.

The company is hoping to raise a little above 3.478 billion cedis from the exercise and to list on the Ghana Stock Exchange on September 5, 2018.

Chief Finance Officer of MTN Group,Ralph Mupita said MTN’s presence on the stock exchange is a path towards the creation of growth and development.

“MTN coming unto the  Ghanaian stock exchange is a path of creating growth and development of capital formation and ultimately it aims the booming localization and ownership this IPO bring to the fore.We at MTN saw this principally as a localization; wanting locals to have  an increasing ownership of the MTN Ghana business”.